Mathematics, 05.05.2021 19:20 Rayinz9174

Taylor wants to purchase a car with an auto loan. He can get a 48-month loan from his bank that is compounded monthly at an annual interest rate of 7.9%. Suppose Taylor needs to obtain a loan for $19,076 to purchase the car.

Use the formula for the sum of a finite geometric series to determine Taylor’s approximate monthly payment.

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